Local foreclosures increase, but less than others

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Foreclosure rates in Colorado Springs increased for the month of March over the same period last year, according to CoreLogic.

According to newly released information, the rate of foreclosures among outstanding mortgage loans is 1.8 percent for the month of March, an increase of 0.31 percentage points compared to March of 2009 when the rate was 1.49 percent.

In related news, when El Paso County Public Trustee Tom Mowle compared March 2010 new filings to the prior two years he concluded that the monthly numbers were still ahead of the 2008 full-year average.

He concluded that “a lot of things could change, but it looks like the 2010 year-end foreclosure start total be somewhere between the 2008 figures and last year’s record total.”

But as is usually the case, the Pikes Peak region seems to be better off than other parts of the country.

Foreclosure activity in Colorado Springs is lower than the national foreclosure rate which was 3.23 percent for March 2010, representing a 1.43 percentage point difference.

Also in Colorado Springs, the mortgage delinquency rate has increased. According to CoreLogic data for March 2010, 5.03 percent of mortgage loans were 90 days or more delinquent compared to 3.70 percent for the same period last year, representing an increase of 1.33 percentage points.